The National Association of Realtor’s Pending Home Sales Index, a forward-looking indicator based on residential contract signings, but not closings, increased 6.7 percent to 112.3 in May from 105.2 in April.

Real gross domestic product increased at an annualized rate of 1.8 percent in the first quarter of 2013, according to the third and final estimate by the Bureau of Economic Analysis.

The Chicago Fed reported that its National Activity Index (CFNAI) increased to –0.30 in May from –0.52 in April, noting that production- and employment-related indicators drove the uptick.

Twenty-five states had unemployment rate decreases, 17 states had increases and eight states and the District of Columbia had no change, the Bureau of Labor Statistics reported.

Total existing-home sales rose 4.2 percent to an annualized rate of 5.18 million units in May from 4.97 million in April, and are 12.9 percent above the 4.59 million-unit pace in May 2012, according to the National Association of Realtors.

Investors, economists and financial journalists were watching the Federal Open Market Committee as it concluded its second day of meetings, and in the end the FOMC surprised on the side of winding the stimulus down, or at least reducing the rate of bond-buying starting at the end of 2013.

Homebuilders were reported to be more optimistic on Tuesday, and on Wednesday they had some reason to be, though not quite to the level of irrational exuberance: housing starts in May came in at an annualized rate of 914,000 units, according to the Census Bureau.

American homebuilders have finally climbed out of their crummy funk, according to the National Association of Home Builders.